Every so often, I like to take a look at how some of our more populous neighborhoods in Tallahassee are doing in the current housing market. On the northeast side of Tallahassee, two great neighborhoods, Summerbrooke and Ox Bottom Manor, represent quite a few homes and often a review of these two subdivisions gives one an snapshot of what is happening in the entire Tallahassee real estate market.
Summerbrooke and Ox Bottom Manor Unit Home Sales
The number of home sales in Ox Bottom (31) was the same as the number of home sales in Summerbrooke (31) over the past twelve months. The graph below shows that during that period of time, however, Summerbrooke was picking up steam while Ox Bottom Manor was cooling off.
Average Home Prices Dropping In Ox Bottom Manor and Summerbrooke
On way to get a feel for how relative pricing is doing is to take a comparison of sales price per square foot over time. While this is not a super-accurate way to determine the value of an individual home, it certainly is adequate for reviewing home price trends in an area over time. From the graph below, we see that Ox Bottom Manor prices have dropped 10% over the past twelve months, while Summerbrooke prices have dropped over 6%.
The number seen in Ox Bottom Manor and Summerbrooke are similar to what we are seeing in the rest of the Tallahassee real estate market. As we see inventories drop back to normal levels, prices should start to stabilize and then begin to rise again.
Click Here to See Summerbrooke and Ox Bottom Manor Home Sales (Sep 2007 - Aug 2008)
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